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I bought a piece of machinery for my small business using a loan. Do I enter the machine in as an asset at the purchase price? I know I can deduct the interest.

 
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IreneS
Intuit Alumni

I bought a piece of machinery for my small business using a loan. Do I enter the machine in as an asset at the purchase price? I know I can deduct the interest.

Yes.  Enter the machine as an asset using its cost as the basis.

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IreneS
Intuit Alumni

I bought a piece of machinery for my small business using a loan. Do I enter the machine in as an asset at the purchase price? I know I can deduct the interest.

Yes.  Enter the machine as an asset using its cost as the basis.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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